U.S. equity funds see largest weekly outflow in 11 weeks - BofA

Investors sold $14.5 billion in equities in the week to Wednesday and U.S. equity funds recorded their largest weekly outflow in 11 weeks, BofA said on Friday citing EPFR data.

U.S. equity funds saw an outflow of $11.5 bln, European equity funds have seen outflows for 30 consecutive weeks and tech stocks saw their largest weekly outflows since January 2019 -- shedding $1.8 bln -- BofA said.

BofA added that global stocks have recorded outflows for the last six months, with the mass inflow to global equities seen from November 2020 until February 2022 now over.

BofA analysts said their 'Bull & Bear' indicator, which seeks to track market trends, is back to 'max bearish' after getting its first small lift since April last week.

It cited deteriorating flows in high yield and emerging market debt and "weaker credit technicals" as reasons for that move. Growing fears of a recession, soaring inflation and an unfolding energy crisis in Europe have hurt global stocks. The S&P 500 down around 16% year-to-date.